Nutter Advises PeoplesBancorp, MHC in Pending Acquisition of First Suffield Financial, Inc.Print PDF
Nutter is representing PeoplesBancorp, MHC, a Massachusetts mutual holding company, and the bank holding company of PeoplesBank, a Massachusetts-chartered savings bank, both of Holyoke, Massachusetts, in connection with its pending acquisition of First Suffield Financial, Inc., a Connecticut corporation and the bank holding company of The First National Bank of Suffield, a national bank, both of Suffield, Connecticut.
Mike Krebs, chair of Nutter’s Corporate and Transactions Department, and co-chair of the Banking and Finance practice group, and Nutter Partner Jay Cabral led the Nutter legal team, which included Blake Tyler on corporate matters; Kenneth Ehrlich and Matthew Hanaghan on bank regulatory matters; Crescent Moran Chasteen on executive compensation matters; Michael Mooney and Erin Whitney on tax issues; David Rubin on labor matters; and Gary Gill-Austern and David Libardoni on environmental- and real estate-related matters.
The total value of the transaction is approximately $60 million. Under the terms of the agreement, shareholders of First Suffield Financial, Inc. will receive $12,001.85 in cash per share. The parties expect to close the transaction in the fourth quarter of 2018 or the first quarter of 2019, subject to receipt of all required regulatory approvals, approval by the shareholders of First Suffield Financial Inc., and the satisfaction of other customary closing conditions. Please click for more information on the transaction.
PeoplesBank, founded in 1885, has approximately $2.4 billion in assets, $1.8 billion in loans and $1.7 billion in deposits as of March 31, 2018 and provides deposit, lending and wealth management products and services to families and businesses throughout Massachusetts. As a mutual bank, PeoplesBank is focused on, and responsible for, the success and best interests of its customers, employees and the communities it serves.
Nutter’s Banking and Financial Services practice group is ranked by Chambers and Partners as among the top banking practices in the nation. Nutter’s community banking practice is regarded as a market leader in New England, having represented more than 70 banks and thrift institutions in corporate and regulatory matters in the past few years. The firm has placed among the top 20 law firms nationally in merger and acquisition work for banks, according to the M&A Annual published by the American Banker.
Nutter is a Boston-based law firm that provides legal counsel to industry-leading companies, early stage entrepreneurs, institutions, foundations, and families, across the country and around the world. The firm’s lawyers are known for their client-centric approach and extensive experience in business and finance, intellectual property, litigation, real estate and land use, labor and employment, tax, and trusts and estates. Co-founded in 1879 by Louis D. Brandeis, who later became a renowned justice of the U.S. Supreme Court, Nutter is dedicated to helping companies prosper in today’s competitive business environment. For more information, please visit www.nutter.com and follow us on LinkedIn.